Five-star BoTree hotel in central London has been put on the market following failed attempts at refinancing, according to reports from Bloomberg.
Located on Marylebone Lane near Bond Street station, the 199-room hotel was developed by Place III Hotels – formerly Shiva Hotels Group – and opened in September 2023.
Place III has been attempting to refinance the luxury property since it opened but has been unsuccessful. The hotel cost £375 million to build and has about £275 million of debt secured against it, with a senior loan from Cale Street Partners and a junior facility from Crosstree Real Estate Partners.
JLL has been instructed to market the hotel. It was instructed late last year to refinance the BoTree. Under the proposed terms, it sought £316.5 million to repay the £275 million of outstanding debt on the BoTree, while £12 million would be used to complete the fit-out of the eighth and ninth floors.
Hospitality Investor reached out to JLL, Place III, Cale Street Partners and Crosstree Real Estate Partners for comment.